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BUSINESS AND ECONOMY - August 2015

Aug 2015

Feb 07, 2023

Indian Oil to Sign MoU with LanzaJet for Sustainable Aviation Fuel

  • Indian Oil Corp will sign a memorandum of understanding with sustainable fuel tech provider LanzaJet to produce sustainable aviation fuel at its Panipat refinery in northern India.
  • The company has a tie up with LanzaTech for converting waste gas to ethanol, and U.S.-based LanzaJet will be helping in upgrading ethanol to jet fuel.
  • By 2030, 2% of aviation fuel will be sustainable aviation fuel, Chairman S. M. Vaidya said on the sidelines of India Energy Week in Bengaluru.

India's 1st New Mobility-focused Cluster in Telangana

  • The Telangana government launched the country's first new mobility-focused cluster, Telangana Mobility Valley' (TMV), which aims to attract investments of around Rs. 50,000 crore and generate more than 4 lakh jobs in the next five years in the state.
  • Telangana Mobility Valley will create best in class infrastructure making Telangana the most competitive destination for both manufacturing and E R&D in India.
  • TMV aims to facilitate companies across all segments of sustainable mobility including Electric 2Wheelers/ 3 wheelers/ 4 wheelers, Advanced Cell Chemistry and Hydrogen fuel cells, Tier 1 and Tier 2 Component manufacturers and Auto Engineering R&D companies among others.

Vedanta Appoints David Reed as CEO of Global Semiconductor Business

  • Vedanta appointed David Reed as the Chief Executive Officer of its semiconductor business. Reed will be responsible for setting up a state-of-the-art semiconductor fab unit and semiconductor assembling and testing unit, the company shared.
  • Reed's extensive international experience includes establishment of a complete semiconductor ecosystem with global execution of wafer fabrication, research and development, assembly and testing, total quality management and packaging, and supply chain management.
  • In a career spanning several geographies such as Germany, Japan, Singapore, the U.S., Italy and the Philippines, Reed has established a reputation for growing the business, increasing revenues, delivering shareholder values, executing joint ventures and building winning teams and has served on multiple boards, crafting the growth and profit strategies of technology majors.

Vedanta Appoints David Reed as CEO of Global Semiconductor Business

  • Vedanta appointed David Reed as the Chief Executive Officer of its semiconductor business. Reed will be responsible for setting up a state-of-the-art semiconductor fab unit and semiconductor assembling and testing unit, the company shared.
  • Reed's extensive international experience includes establishment of a complete semiconductor ecosystem with global execution of wafer fabrication, research and development, assembly and testing, total quality management and packaging, and supply chain management.
  • In a career spanning several geographies such as Germany, Japan, Singapore, the U.S., Italy and the Philippines, Reed has established a reputation for growing the business, increasing revenues, delivering shareholder values, executing joint ventures and building winning teams and has served on multiple boards, crafting the growth and profit strategies of technology majors.

Grasim Board Inducts Ananya Birla, Aryaman Vikram Birla as Directors

  • The Board of Grasim Industries Ltd inducted Ananya Birla and Aryaman Vikram Birla as directors.
  • Grasim is the flagship company of the Aditya Birla Group, housing the VSF and chemcial businesses. It also holds 57.27 per cent (out of 59.96 per cent total stake) in the group's cement business under UltraTech Cement, and has forayed in paints segment.
  • The new members come with rich and varied experience straddling entrepreneurship and business building, but the appointments are subject to requisite approval by members of the company.

Feb 06, 2023

Amit Shah Lays Foundation Stone for India's Fifth Nano Urea Plant in Deoghar

  • Union Home Minister Amit Shah laid the foundation stone of a Rs. 450-crore nano urea plant and township of the Indian Farmers Fertiliser Cooperative (IFFCO) in Jharkhand's Deoghar.
  • This is India's fifth nano urea plant. Prime Minister Narendra Modi inaugurated the world's first nano urea plant in Gujarat in 2022.
  • "Nano urea will benefit farmers and it is already being exported to five countries," Shah said while laying the foundation stone of the plant.
  • The plant is scheduled to be commissioned in December next year.

Mahindra Finance Names Raul Rebello as MD and CEO-designate

  • The Board of Mahindra & Mahindra Financial Services at its meeting approved the appointment of Raul Rebello, currently the Chief Operating Officer of the Company, as the MD & CEO-designate of the Company. Rebello will assume the position of MD & CEO of the Company (subject to necessary approvals from NRC, Board of Directors and Shareholders), when Ramesh Iyer, the current Vice Chairman & Managing Director of the Company, superannuates on 29 April 2024.
  • Raul joined Mahindra Finance in September 2021, as the COO. Before that, he had a 19-year stint with Axis Bank, where he was most the Executive Vice President and Head, Rural Lending and Financial Inclusion.
  • Raul has deep experience in rural banking, across assets and liabilities.

Feb 05, 2023

Cooperation Ministry Signs MoU to Enable Primary Agricultural Credit Societies

  • The Ministry of Cooperation signed a Memorandum of Understanding (MoU) with Ministry of Electronics and Information Technology, NABARD and CSC e-Governance Services India Limited to enable Primary Agricultural Credit Societies (PACS) to provide services offered by Common Service Centers.
  • The MoU was signed in the presence of Union Home Minister and Minister of Cooperation, Amit Shah and Union Minister of Electronics and Information Technology Ashwini Vaishnav.
  • PACS are the soul of cooperatives and making them multipurpose as providers of about 20 services will increase employment opportunities in rural areas.
  • This agreement is a win-win situation for all. It will not only help in fulfilling Prime Minister's dream of 'Sahkar Se Samridhi' and making cooperatives the backbone of rural development, but it will also strengthen both cooperatives and farmers.

RBI Okays Appointment of Sitting YES Bank Executive Rajan Pental as ED

  • The Reserve Bank of India approved the appointment of Rajan Pental as an Executive Director of YES Bank for three years.
  • Pental, who has been with YES Bank since November 2015, will continue to head retail banking. His portfolio includes branch banking – retail, affluent banking, retail assets and SME banking. He is also designated as a non-executive director of YES Securities.

Mobicule Launches Asset Repossession Module for Banks and NBFCs

  • Mobicule, a niche player and expert in debt collection announced the launch of mCollect Repossession Module, an industry first for banks and NBFCs. The revolutionary Asset Repossession Solution is a comprehension solution that maps all the complex processes in repossession of an asset, as a part of its debt collection and recovery product. Mobicule is a pioneer in offering solutions that digitize processes and improves efficiency using mobile technology. As a result, the launch of mCollect Repossession Module has been projected as a natural extension of its debt collection platform. The repossession module will encompass and cater to fill gaps in the end to end process, such as identification, allocation, digitisation and automation of repo kit, evidencing, yard submission, and yard acknowledgment with evidence, auction and release process. This will also help lenders comply with stringent and ever-evolving regulatory compliance and in-system tracking.

Feb 04, 2023

Madhvendra Singh Appointed as First CEO of Gujarat Maritime Cluster

  • Gujarat Ports Infrastructure Company Limited appointed Madhvendra Singh as the first Chief Executive Officer (CEO) of the Gujarat Maritime Cluster.
  • The Gujarat Maritime Cluster (GMC) is the first of its kind Commercial Maritime Cluster in the country aimed at creating a hub for maritime services of international standards. Gujarat Maritime Board established GMC through its subsidiary, Gujarat Ports Infrastructure Company Limited, to provide impetus to the overhauling of the state's and nation's maritime sector by developing an integrated ecosystem of soft services related to the global maritime and shipping industry in line with the concept of 'the sum of the whole is greater than the sum of the individual companies.

Madhya Pradesh Govt. Brings Ordinance to Support Investors, Industrialists

  • After the Global Investors Summit in Indore, the Madhya Pradesh government has taken another initiative to reassure investors and industrialists of its support to them.
  • The state issued an Ordinance called the Madhya Pradesh Udyogon ki Sthapna Evam Parichalan ka Sarlikaran Adhyadesh, 2023 (Madhya Pradesh Facilitation of Establishment and Operation of Industries Ordinance, 2023).
  • This Ordinance will make it easy to establish units in the state. The state government will have it passed possibly in the Budget session of the Assembly.
  • The Ordinance will apply to industrial areas; micro, small, and medium enterprises (MSMEs); and IT clusters. It says investors will have to register themselves with the state single-window system (Invest portal).

Reliance Retail Partners Innoviti to Enable Digital Rupee Payment in Stores

  • Innoviti Technologies, a payments-focused financial-tech firm, in collaboration with Reliance Retail, ICICI Bank and Kotak Mahindra Bank, announced the introduction of in-store payments via Digital Rupee-Retail.
  • This makes Reliance Retail the first organised retail chain in India to enable in-store digital rupee (e R) payments. Available at Reliance Retail's Freshpik store as of now, digital rupee payments and will be gradually extended to all Reliance Retail stores across the country.

Feb 03, 2023

Defence Ministry Top Buyer of MSME Goods in 2022

  • The Ministry of Defence was the top procuring ministry of goods and services from MSME sellers in the calendar year 2022, said the government's public procurement e-commerce marketplace Government eMarketplace (GeM). "At number one in procurement, the Ministry of Defence reached an all-time high. Reaping the benefits of cost efficiency and speedy procurement, the ministry purchased products and services worth Rs. 16,747 crore in 2022 from the portal.
  • Meanwhile, in terms of state, Uttar Pradesh ranked top buyer of MSME goods worth Rs. 9,642 crore through GeM in 2022.

Nagaland, Patanjali Foods Ltd. Sign MoU on Palm Oil Cultivation

  • Nagaland government and Patanjali Foods Limited signed a Memorandum of Understanding (MoU) for development and area expansion under palm oil cultivation and processing for Zone-II (Mokokchung, Longleng and Mon districts) of Nagaland under the National Mission on Edible Oils-Oil Palm (NMEO-OP).
  • The MoU was signed by the Director of Agriculture, Nagaland, M Ben Yanthan, and Patanjali Foods Ltd Head-NE Region, Oil Palm Subhas Bhattacharjee at the Directorate of Agriculture.
  • According to Patanjali Foods Ltd, the signing of MoU with the Government of Nagaland will certainly bring a big boost for the oil palm growers in the state of Nagaland and the region. Patanjali Foods Ltd is already working in the states of Mizoram, Arunachal Pradesh, Assam and Tripura in the North-east.
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